Senate to implement digital financial tracking to combat oil theft
The Senate ad-hoc committee on crude oil theft has announced plans to implement digital financial tracking tools to uncover illicit transactions, recover stolen crude revenues, and enhance transparency within Nigeria’s oil sector.
Senator Ned Nwoko, chairman of the committee, made this declaration during a meeting with the HOSTCON Youth Council of Nigeria, led by its national president, Comrade Emmanuel Fiawei Pathfinder, at the National Assembly on Wednesday.
Addressing the delegation, Nwoko reaffirmed his commitment to tackling crude oil theft, stressing that collaboration, intelligence-sharing, and decisive action are essential in safeguarding Nigeria’s economic interests. He disclosed that the committee has engaged international experts to trace financial transactions linked to stolen crude, ensuring that no illicit activity goes undetected.
“No transaction is beyond detection anymore,” he stated. “We can track payments, identify beneficiaries, and hold them accountable. Our priority is to protect Nigeria’s resources and restore economic integrity.”
Nwoko acknowledged that crude oil theft is often facilitated by a network of security operatives, oil firms, and illegal refiners. To address this, he revealed that the committee would prioritise stakeholder engagement and convene a public hearing, bringing together the military, police, regulators, and host communities to develop a unified strategy against oil theft.
“We need all hands on deck. If you have intelligence on oil theft, now is the time to step forward,” he urged members of the council.
To strengthen security measures, the committee plans to establish an independent security task force, comprising newly assigned personnel from the Army, Navy, Air Force, and other intelligence agencies. Nwoko noted that existing security frameworks had been compromised, necessitating a fresh leadership approach to ensure accountability.
“The current security structure has been infiltrated,” he said. “We are setting up a new task force with fresh leadership to ensure transparency and effectiveness.”
Beyond enforcement measures, Nwoko stressed the need to address concerns within host communities, including fair compensation, environmental restoration, and economic integration. He advocated a shift in approach towards small-scale refiners, proposing support for modular refinery projects rather than outright criminalisation.
He argued that globally, many countries support small-scale refiners to enhance domestic refining capacity and that Nigeria must adopt a similar strategy. “Countries worldwide support small-scale refiners to strengthen local refining. Nigeria must embrace a similar model,” he asserted.
Earlier in the meeting, Comrade Fiawei praised Nwoko’s leadership, expressing the HOSTCON Youth Council’s full support in combating oil theft.
In recognition of his contributions to national development, the council conferred on Nwoko the title of Patron and presented him with a ‘Credence of Honour’ award.
